Mixed-Use Income Property with
For Sale
$450,000
406 Kirkpatrick St, Syracuse, NY 13208
Mixed-use building featuring a commissary kitchen with equipment, studio and five-bedroom apartment units, plus heated garage/storage and parking.
Property Size4,800 SF
Price / SF$93.75
Days on Market85
Property Features for 406 Kirkpatrick St
General Information
Standard status
Active
Size
4,800 SF
Total Parking Spaces
9
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,470
Amenities
commissary kitchen
heated garage/storage area
laundry room
Listing Agency:
Coldwell Banker Prime Prop, Inc
(315) 622-0161
Listed By:
Ryan Millard
(315) 622-0161
Source:
Exprealty
Added: May 29
Changed: Aug 20
Last Checked: Aug 21 at 9:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Prime Prop, Inc
Investment Insights
Based on property information with market context.
This mixed-use income property includes a commissary kitchen equipped for commercial food preparation, with useful appliances, freezer space, and a full shower for cleanup. The building also offers a first-floor studio apartment with a kitchenette and a full shower, along with a five-bedroom apartment upstairs featuring a laundry room and a large living area.
In addition to the interior spaces, the property includes a massive heated garage/storage area suitable for working on vehicles and separate storage needs. An outdoor parking lot provides space for at least nine cars. The property is described as centrally located near hospitals, downtown, a stadium, and the inner harbor.
The listing notes that key mechanical items are recently addressed, including a new water heater and fully serviced furnaces. The building is currently operating with long-term Airbnb guests in both the studio and the five-bedroom unit.
In addition to the interior spaces, the property includes a massive heated garage/storage area suitable for working on vehicles and separate storage needs. An outdoor parking lot provides space for at least nine cars. The property is described as centrally located near hospitals, downtown, a stadium, and the inner harbor.
The listing notes that key mechanical items are recently addressed, including a new water heater and fully serviced furnaces. The building is currently operating with long-term Airbnb guests in both the studio and the five-bedroom unit.
Key Highlights
- Mixed‑use building at 406 Kirkpatrick with a commissary kitchen, studio unit, and five‑bedroom apartment upstairs
- Commissary kitchen includes commercial equipment, useful appliances, freezer, and a full shower for cleanup
- Heated garage/storage area offers space to work on vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,397
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.75%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$427,940
$427.9K
Cap Rate 7%
$305,671
$305.7K
Cap Rate 9%
$237,744
$237.7K
Market Conditions
NOI Build-Up for 4,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$32.8K $6.84/SF
− Vacancy
−$2.3K −$0.47/SF
EGI
$30.6K $6.37/SF
− OpEx
−$9.2K −$1.91/SF
NOI
$21.4K $4.46/SF
Area
Syracuse, NY
Vacancy
6.90%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$427,940
Cap Rate 7%
$305,671
Cap Rate 9%
$237,744
Alternative Uses
Best Use
Specialty Retail
$681.3K
$596.2K – $794.9K
NOI $47,693 @ 7.0% cap · market cap 10.60%
Second Best
Apartment 5plus
$647.4K
$566.5K – $755.3K
NOI $45,320 @ 7.0% cap · market cap 10.07%
Theoretical Best
Office A
$834.2K
$729.9K – $973.2K
NOI $58,393 @ 7.0% cap · market cap 12.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,067
Businesses Nearby
Explore this area
Business Placement
Demographics for 13208, NY
23,603
Population
10,325
Households
2.3
Avg Household Size
33
Median Age
19%
College-Educated
77%
High-School Grad
4.1 sq mi
ZIP Area
5,757
Density / Sq Mi
$40,641
Median Household Income
$35,015
Median Earnings
$999
Median Rent
$110,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial kitchen - Mixed-use building featuring a commissary kitchen with equipment, studio and five-bedroom apartment units, plus heated garage/storage and parking.
Where is this commercial kitchen located?
The property is located at 406 Kirkpatrick St Syracuse, NY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Mixed‑use building at 406 Kirkpatrick with a commissary kitchen, studio unit, and five‑bedroom apartment upstairs; Commissary kitchen includes commercial equipment, useful appliances, freezer, and a full shower for cleanup; Heated garage/storage area offers space to work on vehicles
